[2018-08-09]Crypto Markets Slump Following SEC Bitcoin ETF Delay.

[herminio]

Crypto Markets Slump Following SEC Bitcoin ETF Delay

After solid growth to break above the $7,000 mark earlier today, Bitcoin (BTC) saw a loss of around $500 in six hours. At press time, all of the top ten cryptocurrencies other than Tether (USDT) are in the red, according to Coin360.

BTC is trading around $6,598 at press time, dropping 5.29 percent over the last day and bringing a new weekly low. The decline follows today’s news that the U.S. Securities and Exchange Commission (SEC) postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) to the end of September.

BTC is trading around $6,598 at press time, dropping 5.29 percent over the last day and bringing a new weekly low. The decline follows today’s news that the U.S. Securities and Exchange Commission (SEC) postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) to the end of September.

Source: https://cointelegraph.com/news/crypto-markets-slump-following-sec-bitcoin-etf-delay

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[Kprawn]

I have been thinking of this erratic price movement over the last few days and I wonder if some of the bigger boys from

Wall Street has not secretly entered the market? The trading behaviour is typical of a group of people, who are new to Bitcoin,

because newbies normally panic at the smallest volatility and then they start dumping coins. The ETF decision might have

been delayed, but I think bigger speculators has definitely entered the market too. 

[darkangel11]

Maybe people can't read. It wasn't rejected but delayed. This means that if they wanted to reject it they would've done it already. From the point of view of a pessimist the SEC is looking for grounds to deny it, because they don't want BTC to go anywhere. Since they needed more time it means they couldn't find anything to base the denial on and need more time.
It seems that every neutral news in the bear market is seen as negative.

been delayed, but I think bigger speculators has definitely entered the market too. 

I think that the same speculators who bought at the news of ETFs a couple weeks back sold now. Sadly we were forming a slow but steady reversal before this shitstorm.

[stomachgrowls]

Maybe people can't read. It wasn't rejected but delayed. This means that if they wanted to reject it they would've done it already. From the point of view of a pessimist the SEC is looking for grounds to deny it, because they don't want BTC to go anywhere. Since they needed more time it means they couldn't find anything to base the denial on and need more time.
It seems that every neutral news in the bear market is seen as negative.

been delayed, but I think bigger speculators has definitely entered the market too. 

I think that the same speculators who bought at the news of ETFs a couple weeks back sold now. Sadly we were forming a slow but steady reversal before this shitstorm.

For people who do just read up about these kind of news, then their view would vary on how they do saw in-depth about Bitcoin. If they are pessimistic enough then they would really see this as a negative one which isn't a shocker but if we do tend up to understand it full-scale then these delays would have a significant reason or possibility of acceptance and as said if they would reject it on the very first place then theres no reason for them to make it longer.

[prehisto]

I do not think that another ETF delay had anything to do with market crash, and I think that term " crash" this time is appropriate since we are seeing the lowest market cap since November 2017.

This crash was awaited , in my view the last mini bull run was because of short squeeze of BTC.